Monthly Market Report – November 2018

Hello and welcome to our November Monthly Market Insight, bringing you the latest residential market data and industry news in one place.

Amidst ongoing (and seemingly endless) uncertainty over a final Brexit deal, a brief attention shift to last month’s Budget provided a momentary distraction and some minor, albeit welcome, news for the housing market.  As we nurse our Black Friday retail blues and catch a whiff of mince pies just around the corner, we take a look at how the housing market has been faring, with a peek into how things may pan out into 2019.


A quick look at this month’s UK-wide HPI releases...

Nationwide

Oct 18

Sep 18

Aug 18

Annual

1.6%

2.0%

2.0%

Month*

0.0%

0.3%

-0.5%

Avg Price

£214,534

£214,922

£214,745

The Nationwide is the world's largest building society, and one of UK's largest mortgage providers.
*Seasonally adjusted.

Robert Gardner, Chief Economist, Nationwide:
Annual price growth moved below the narrow range of c2-3% prevailing over the past 12 months.
However, this was broadly in line with expectations, as the uncertain economic outlook is likely to have dampened demand.  Looking ahead, much will depend on how broader economic conditions unfold.  If uncertainty lifts in the months ahead, there is scope for activity to pick-up through 2019.

Soft Play  


Transactions remain subdued at 1.2 million in the year to September (-30% on the same in 2007). 


There has been a significant change in the pattern of transactions.  In the aftermath of the financial crisis, cash transactions were resilient, less impacted by tightening credit conditions and a deteriorating labour market.  They remain buoyant, partly due to growth of the private rental sector and partly demographic trends, where an increasing number own homes outright.


Recent years have seen FTB transactions recover, now broadly in line with pre-crisis levels. Improved credit availability and historically low interest rates helped boost activity. 


Mortgaged homeowner activity remains subdued alongside a reduced BTL mortgage purchases in recent years, reflecting softening demand due to changes in taxation and underwriting standards.

Halifax

Oct 2018

Sep 2018

Aug 2018

Annual

1.5%

2.5%

3.7%

Quarter

0.2%

1.8%

1.9%

Month

0.7%

-1.4%

0.1%

Avg Price

£227,869

£225,995

£229,958

The Halifax House Price Index is the UK's longest running monthly house price series.
*Seasonally adjusted.

Russell Galley, Managing Director, Halifax Community Bank


The lowest rate of annual growth since March 2013, however, remains within forecast 0-3% for 2018.  Prices continue to be supported by low supply of stock against improving employment and historically low mortgage rates, creating higher rates of affordability.  This looks to continue, supportive of 0-3% forecast.

HMRC: Sales in 3 months to September unchanged from the previous 3 months.  Transaction volumes have been broadly flat over the past year and are likely to remain so in coming months.

Bank of England:  Mortgage approvals fell slightly in September, -1.3% on the month to 65,269. 

RICS:  Indicators of demand and supply remain weak through a mixture of affordability constraints, lack of stock, economic uncertainty and interest rate rises holding back activity. The lack of new instructions continues to impede activity, down for the second consecutive month.

ONS/HMLR: Annual UK rental growth remained 0.9% in September (London weakest at -0.3%).

 

Rightmove House Price Index

National:


New sellers pricing more realistically in effort to minimise pre-Christmas ‘buyer humbug’ syndrome fuelled by stretched affordability and Brexit uncertainty.
All regions see a monthly price fall, with largest falls in the south and upper price sector.
Price slowdown seen as an early Christmas present for some buyers with sales agreed nationally up 1% compared to same in 2017, indicating sound underlying fundamentals.

London:


Seasonal volatility kicks in with reluctance to market among higher tier owners, with outer London seeing a more modest seasonal fall of -0.8%, over -2.5% for Inner London.
New seller numbers are -9% fewer overall than same a year ago (-26% down in Zone 1), perhaps postponing marketing until more Brexit certainty or prices recover.

Rightmove Price Data for London

 

Category

Average Asking Price

(October 2018)

Monthly

Change

Annual

Change

By Area

Greater London

£614,271

-1.7%

-2.4%

Inner London

£754,726

-2.5%

-4.3%

Outer London

£514,587

-0.8%

-0.1%

South East

£397,643

-2.1%

-1.2%

By Market Sector

First-Time Buyers

£475,403

-2.1%

-3.4%

Second - Steppers

£682,130

-1.4%

-2.6%

Top of the Ladder

£1,373,940

-3.3%

-2.6%

National Average for Comparison

National Average

£302,023

-1.7%

-0.2%

First-time Buyers

£188,571

-1.1%

0.3%

Second-steppers

£272,017

-1.0%

1.5%

Top of the Ladder

£531,775

-2.4%

-0.3%

By Travel Zone

Zone 1

£1,302,512

-3.4%

-6.9%

Zone 2

£734,629

-1.8%

-3.2%

Zone 3

£581,978

-2.1%

-1.7%

Zone 4

£483,930

-0.2%

-0.5%

Zone 5

£469,775

-1.3%

-1.3%

Zone 6

£493,822

-1.0%

3.1%

By London Borough (3 month rolling average)

Barking & Dagenham

£314,816

-0.3%

1.5%

Barnet

£638,449

0.5%

-0.2%

Bexley

£408,913

-0.3%

2.8%

Brent

£581,778

1.1%

-0.4%

Bromley

£536,921

0.2%

2.1%

Camden

£985,430

0.4%

-0.6%

Croydon

£432,595

-0.5%

-2.2%

Ealing

£557,026

0.5%

0.8%

Enfield

£458,460

-0.1%

0.3%

Greenwich

£437,947

-0.1%

1.0%

Hackney

£625,135

-0.9%

-4.9%

Hammersmith & Fulham

£971,975

3.2%

2.8%

Haringey

£603,691

0.0%

0.2%

Harrow

£555,569

0.0%

-1.6%

Havering

£406,169

0.2%

1.3%

Hillingdon

£493,666

1.1%

1.5%

Hounslow

£531,607

-0.2%

-2.6%

Islington

£751,991

-0.3%

-1.4%

Kensington & Chelsea

£1,622,610

1.5%

-2.2%

Kingston upon Thames

£612,899

-0.4%

0.4%

Lambeth

£624,633

-1.8%

-6.8%

Lewisham

£459,062

0.5%

-2.5%

Merton

£624,062

-1.5%

-3.8%

Newham

£415,626

0.4%

-0.2%

Redbridge

£460,909

0.3%

0.1%

Richmond upon Thames

£841,418

-1.6%

0.0%

Southwark

£658,767

1.4%

1.8%

Sutton

£463,721

0.1%

0.1%

Tower Hamlets

£577,341

0.9%

-3.9%

Waltham Forest

£479,089

-0.9%

-0.1%

Wandsworth

£785,602

-1.0%

-2.9%

Westminster

£1,445,625

-1.2%

0.0%

 

 
 

Average Time to Sell (Days)

Avg Stock per Agent Branch

London

National

South East

October 2018

71

61

66

52

September 2018

72

61

64

52

August 2018

72

60

63

52

 
 
 

Miles Shipside,  Director and Housing Market Analyst, Rightmove

National


Sellers and agents are reacting to the market and lowering prices more and sooner than usual, a welcome effort by sellers to avoid traditional “buyer humbug”.  Stretched affordability and cooling markets in the south and top tiers have combined with uncertainty to change pricing optimism into realism. 


7 years ago price rises started rippling out from London into the South East commuter belt.  That has now been reversed, with some price re-adjustment reverberating back out, where sellers have belatedly lowered price sights.  Higher end former hotspot towns are among biggest annual fallers.


While many thought a down-to-the-wire Brexit deal would hold buyers back, some see the pre- Christmas lull as a gift to negotiations, proving people will buy if underlying economic fundamentals are strong.

London


New sellers at this time of year do not normally lower prices as soon or by as much.  The pre-Christmas slowdown seems to have come early, giving buyers extra negotiating power. 


With -9% fewer sellers coming to market compared to 2017, it appears those less willing to reduce are staying put, perhaps awaiting more certainty. Those taking the plunge recognise the need to lower prices.


London’s biggest boom boroughs included Hackney and Lambeth, outside PCL but relatively expensive.  Both saw trough to peak asking price rises circa 80%, so are susceptible to larger re-adjustments.  

 

RICS -  UK Residential Market Survey

Supply & Demand


Virtually all regions saw further decline as stock remains close to all-time lows and there appears little chance of turnaround as respondents report appraisals are down annually.

Sales


Given supply conditions, sales remain subdued, with the 3rd consecutive monthly decline. Sales were reported as either flat or negative across 11 of the 12 regions in October.

Prices


Fall in new buyer interest has led to a more negative price trend.  While the regional picture remains varied, respondents are doubtful sales will pick-up over coming months.


10% more report a price fall, weakest since September 2012, mostly stemming from London and the South East.


National 3-month price expectations are slightly negative and the outlook for 2019 flat.


For FTBs, the market is relatively steady, with a many reporting sales prices up to £500k at least level with asking prices.  Nevertheless, some stated sales prices were coming in up to 5% below.  Homes in the highest brackets are noticeably below asking.


Weaker trend is being driven by lack of demand, in part a result of heightened political uncertainty, ongoing affordability pressures and a lack of fresh stock. In October, more reported a fall in demand (3rd in a row where demand has deteriorated nationally).

Lettings


Seasonally adjusted data shows improved tenant demand over Q3 2018, however, landlord instructions were negative for a 10th straight quarter (longest stretch since 1999).  
Rents are expected to rise over coming months albeit only modestly.

Simon Rubinsohn – Chief Economist – RICS


Although the tone of newsflow on the housing market remains downbeat, this disproportionately reflects the south and east of England.  The picture is more resilient in many other areas.  Uncertainty on the back of never-ending Brexit negotiations is a key drag on sentiment.
The announced extension of Help to Buy should underpin the new build market in the near term.  Whether sufficient to drive housing starts to government targets in coming years is to be seen.

 

UK Finance Mortgage Statistics

UK Mortgage Lending Data for September 2018

Type of Borrower

Volume /

Value

Monthly Change

3 Month Change

Annual Change

First time buyers*

29,400

-16.9%

-15.0%

-4.5%

£5 bn

-16.7%

-13.8%

0.0%

Home movers**

29,400

-22.6%

-11.7%

-8.4%

£6.5 bn

-23.5%

-9.7%

-5.8%

BTL house purchasers

5,200

-13.3%

-3.7%

-18.8%

£0.7 bn

-12.5%

0.0%

-22.2%

Homeowner remortgage

35,600

-7.0%

-3.8%

-0.6%

£6.4 bn

-5.9%

-4.5%

-1.5%

BTL remortgage

12,300

-10.9%

-1.6%

-0.8%

£2 bn

-9.1%

0.0%

0.0%

 

Borrower Basics

Age

Household Income

Loan Size

Loan to Value

* Average first-time buyer:

30

£41,985

£145,000

84.4%

** Average homemover:

39

£56,433

£185,500

73.1%

 

 

Jackie Bennett, Director of Mortgages, UK Finance:


Remortgaging has levelled out after a period of strong growth, reflecting fixed loans reaching maturity. 
BTL purchases ease again, suggesting the market remains subdued due to tax and regulatory changes. 
Demand for from both FTBs and homemovers has also lessened as affordability constraints bear down on consumer demand for new loans, particularly in London and the South East.

Mortgage Arrears and Possessions Update

 

Arrears & Possessions - Q3 2018

Mortgages

Homeowner

Buy To Let

Number

YoY

3 Year

Number

YoY

3 Year

Outstanding (000s)

9,050

-1.20%

-3.42%

1,890

0.53%

8.62%

Arrears (>2.5% Balance)

77,600

-4.87%

-21.87%

4,660

-0.64%

-17.52%

Arrears (>10% Balance)

24,090

-0.41%

5.94%

1,150

2.68%

15.00%

Possessions

1,080

-19.40%

-40.00%

500

-16.67%

-27.54%

 

Bank of England Mortgage Statistics

Households borrowed an extra £3.9 billion against their homes in September, following slightly weaker July and August at £3.3 billion and £3.1 billion, respectively.  


Annual growth rate of lending was unchanged at 3.2% in September and has now been around 3% since late 2016, remaining modest compared to the pre-crisis period.


Mortgages approved for purchase were broadly unchanged at 65,000 in September, giving an indication of potential trend in new mortgage lending in coming months.  Approvals for remortgaging remain close to recent peak, although fell back on the month to 49,000.

 

NAEA - Housing Report

Demand & Supply:


Available stock increased 15% last month (40 per branch in August to 46 in September).  This is the highest since March 2016 (54) and the highest for September since 2014 (51).
Buyer demand increased 6% last month (320 per branch in August to 338 in September).  This is down 14% on September 2017 (394)..

Activity:


FTB sales rose marginally to 22% in September, after hitting a 3-year low in August (20%).
Sales agreed per branch remained the same in September, averaging 9 per branch.

Prices:


In September, 88% properties sold under original asking price – highest ever recorded.

Mark Hayward, Chief Executive, NAEA


Buyers and sellers tend to flood the market in September hopin to complete before the festive starts.  Therefore, summer is usually a good time for FTBs to enter negotiations and try to secure a property. However, this summer’s heatwave led to an unusually busy August as buyers and sellers opted to stay at home rather than head abroad for their holidays.  This boosted competition and meant FTB sales were down.  Ultimately, the only thing which will make the housing ladder more accessible is reduced competition, which comes down to supply.

 

Savills - UK Housing Market Update

Price growth flat, but signs of an increase in activity:


No change in October puts year to date growth at 1%, in line with the forecast for 2018.
London remains weakest, due in large part to Brexit, with Kensington & Chelsea, Westminster and Camden showing the largest annual falls of 9%, 7% and 5% respectively.
The Help to Buy equity loan scheme supported circa 1 in 8 FTBs in Q1 2018.  The extension of the scheme until 2023 was announced in November’s budget.  However, from 2021 it will be restricted to FTBs, with new maximum value caps set regionally.  Since it started in 2013, 170,000 homes have been bought under HTB, 81% being FTBs.


Also announced consultation on shared ownership SDLT cuts and +1% for non-residents.
Over the next 5 years to 2023, national price growth of 14.8% is predicted.  For rentals, higher growth in London than other regions is forecast over the next 5 years.

 

Region

House Price Changes *

5 Year Forecasts

MoM

QoQ

YoY

2019

2020

2021

2022

2023

5-Year

UK

0.40%

1.00%

3.20%

1.50%

4.00%

3.00%

2.50%

3.00%

14.80%

London

0.00%

0.00%

-1.30%

-2.00%

0.00%

2.50%

1.50%

2.50%

4.50%

South East

0.30%

0.90%

2.30%

0.00%

2.00%

2.50%

2.00%

2.50%

9.30%

*Savills using HMLR (non-adjusted)

Knight Frank - UK Overview & Prime London Market Update

UK Overview


Average House Prices: unchanged in October, taking annual growth to +1.6%.
Average Rents: +0.9% on the year to September.
Days after the Budget, data emerged signalling housing completions at a 10-year high.  However, announcements also focused on expanding opportunities for local councils and providers to play a bigger part in reaching 300,000 new homes a year, across all tenures.

 

Prime London Sales


Prospective buyers rose 14.1% annually in September.  This upwards trend since summer highlights pent-up demand as buyers await a Brexit deal.
The ratio of buyers per listing continued an upwards trend in September, underlying strength of demand vs supply and hinting positivity once political uncertainty recedes.

 

PCL Prices

< £1m

> £10m

Flat

House

Average

MoM

-0.9%

-0.1%

-0.7%

-0.5%

-0.6%

QoQ

-2.4%

-0.5%

-2.1%

-1.1%

-1.6%

YoY

-4.3%

-1.8%

-4.3%

-1.9%

-3.2%

The number of viewings before an offer is made rose to its highest level in over 5 years in September in PCL, underlining buyer caution against an uncertain political backdrop.

 

POL Prices

< £1m

> £5m

Flat

House

Average

MoM

-0.4%

-0.3%

-0.7%

-0.4%

-0.6%

QoQ

-1.0%

-0.3%

-1.6%

-1.0%

-1.4%

YoY

-4.4%

-4.3%

-5.7%

-4.2%

-5.1%

 

Prices are down 7.3% since peaking in July 2016.  The decline more than compensates for the impact of higher SDLT, suggesting they are being kept in check by political uncertainty.

Prime London Lettings:

 

PCL Rents*

£250-£500

£2,000 +

Flat

House

Average

MoM

0.6%

-0.7%

0.0%

-0.2%

-0.2%

QoQ

0.8%

-1.3%

0.0%

-0.6%

-0.3%

YoY

3.7%

0.8%

1.6%

0.0%

0.7%

* Rent per Week

Rightmove shows listings fell 18% in the year to September on the previous 12 months.   The downwards trend has been prompted by landlords seeking to sell up in response to tax changes.  Stock may return to market before Christmas if price expectations are not met.


Rental values continued to rise in September in response to falling supply.  Some landlords have sold after recent tax reforms, including changes to capital gains relief in the Budget.


Prospective tenants registering has been on an upwards trajectory since the start of 2018.  Rising demand and falling supply suggests upwards pressure on values will be sustained.

 

POL Rents*

£250-£500

£2,000 +

Flat

House

Average

MoM

-0.1%

-0.9%

0.0%

-0.5%

-0.3%

QoQ

0.5%

-0.8%

0.3%

-0.1%

-0.1%

YoY

0.4%

-3.1%

0.2%

-2.6%

-1.6%

* Rent per Week

Tenancies agreed per office rose by 16.7% in the year to September compared to the previous 12 months. This upwards trend in activity indicates the lettings market in POL has been more immune than the sales market to current political uncertainty.

 

In other news…

Sluggish Sales BBC

Centre for Economics and Business Research analysis for Post Office Money shows homes in urban areas are taking longer to sell this year, on average 102 days (+6 days on 2017).


Fastest at 39 days in Edinburgh to slowest at 131 days in Blackpool.  London at 126 days.
Completion may take a lot longer due to legal requirements and practicalities of moving.
The report suggests affordability constraints have hit demand.

Renting Rundown BBC


BBC Research suggests the typical 1 bed home in England costs £600pcm to rent, but is skewed by soaring costs in London and hides a gaping national divide.  In Westminster, the average 1 bed costs over £3,500pcm.  In Argyll and Bute, that could cover rent for year.


According to Hometrack, you could expect to pay around £767pcm for a house share in SW4, Brixton, London, along with 2 flatmates.  For the same, you could comfortably rent a 1 bedroom flat in 79% of British postcodes, or a 2 bedroom home in 65% of postcodes, or a 3 bedroom home in approximately 50% of postcodes, or a 4 bedroom property in 410 postcode districts - including cities such as Birmingham, Newcastle, Swansea and Glasgow.


Private renting has more than doubled over the past 20 years, with young people by far the most likely age group to be renting.  In 1995, circa 65% of middle-income 25 to 34 year-olds owned a home, now down to 27% 20 years on.
Renters pay a premium for isolation, where renting a 1 bedroom flat in England costs £600pcm, but £325 to share.  With 2 flatmates, you can get away with just £250pcm.


In London, the average 1-bed costs £1,237pcm, but a bed share in a 3-bed is £582pcm.
Housing organisations recommend spending no more than 30% of income on housing costs.  While Londoners earn more, rental properties still make up a bigger chunk of salaries than other areas.  A 1-bed flat in the capital eats up nearly half the average salary.


Across England, there were only 8 local authorities where 1-bed rents fell (3 in the North West, 4 in the North East, and Kensington and Chelsea in London).
Even within London, huge rent inequality sees a 1-bed flat in postcodes SW1X, W1J and EC2R at over £3,000pcm, while postcodes SE2, SE28, SE9 see 1-beds under £1,000pcm.

 

DSS Difficulties BBC

A study by the National Housing Federation (NHF) and Shelter claims thousands of online rental property adverts in England discriminate against housing benefit tenants.
Of 86,000 online adverts, 1 in 10 requested "No DSS" or "No Housing Benefit".


While not unlawful, Shelter said it may contravene the Equality Act which protects vulnerable individuals who make up the majority of private benefit tenants in England.
Many other adverts implied no one on benefits was welcome - e.g. "professionals only".


A previous study found 10% of letting agents in England refused tenants claiming benefits.


Kate Henderson, Chief Executive, NHF said the “research shows that blatant discrimination against people on housing benefit is widespread”.  


The Residential Landlords Association (RLA) said landlords are not to blam, as many mortgage lenders refuse loans where tenants are on benefits.


David Smith, Policy Director, RLA told the BBC 90% of lenders have at least one product which discriminates against benefit claimants.  Many long leases also exclude such tenants anyway, although it is difficult to estimate the proportion of leases affected.


Research also found landlords of benefit tenants are frequently charged more by insurers.

 

North-South Narrowing BBC

Savills say the North-South divide in house prices will narrow in the next 5 years as they forecast values to rise 21.6% in the North West compared to 4.5% in London.


National average prices to rise in line with incomes from 2019 to 2024, suggesting prices will increase 14.8% over 5 years from 2019 (+£32,000 to the average property value).


Lucian Cook, Head of Residential Research, Savills said Brexit angst is a major factor for sentiment, particularly in London.  But the legacy of the financial crisis - mortgage regulation in particular - and rising interest rates will shape the market in the long term.


5-year forecasts must be treated with caution, owing to the variety of events that can affect the UK economy and the sector, down to a local level.


The slowest rise will be in London, where prices are still highest (+72% over past 10 years).  The South East and East of England are forecast rises circa 9.3%.  

 

Budget 2018: Builders & Buyers BBC

More help for FTBs and plans for High Street homes have been announced in the Budget.
Most FTBs of shared ownership properties will no longer pay SDLT.

Help to Buy scheme extended 2 years to end in 2023.


Chancellor said housing needs fixing and is key to boost productivity and living standards.
Homes on the market is at a 10-year low and fewer people are taking out mortgages.


In Autumn Budget 2017, SDLT was abolished for FTBs on homes worth up to £300,000.  It has so far helped 121,500 people, with the number of FTBs at an 11-year high.


Now, SDLT will also be abolished for FTBs of shared ownership properties worth up to £500,000 and backdated to anyone who has bought one since last year's Budget.


The Budget also announced Help to Buy will come to an end in 2023, extended by 2 years.
As part of a £1.5bn boost to help struggling High Streets, the Chancellor announced a £675m fund to help councils transform main retail zones.  This may include converting unused High Street shops or commercial buildings into homes.  The government is to consult on simplifying the process of converting commercial to residential.


Brian Berry, Chief Executive, The Federation of Master Builders (FMB) estimates 300,000 - 400,000 new homes could be created making use of empty space above High Street shops.


Helen Hayes, Labour MP said she was concerned about plans to simplify the process, claiming relaxing planning regulations had created "appalling" housing.


The Chancellor promised an extra £500m for the Housing Infrastructure Fund to help local councils build up to 650,000 more homes.
To assist more SMEs build houses, announced up to £1bn of business bank guarantees.
Chancellor also said money would be provided to help up to 500 neighbourhoods allocate land for housing and sell homes to local people at a discount, confirming the cap on councils, limiting ability to borrow money to build council houses, would be scrapped.

 

The Decade Deposit BBC

The Institute for Fiscal Studies (IFS) say around 40% of young adults cannot afford to buy one of the cheapest homes in their area, even with a 10% deposit.


House prices in England have risen 173% over 2 decades, but average pay for 25-34 year-olds has grown just 19% over the same period.
In 1996, 93% with a deposit borrowing 4.5x salary could buy a home (61% in 2016).
The IFS also said higher average rental costs in England (up from £140pw to £200pw) have "reduced the purchasing power of young adults", making it harder to save for a deposit.


On current trajectory, cheapest deposits of £15,000 - £20,000 could take saving 10 years+.


Onward, a think tank, suggested the government should give UK private renters a chance to buy their home by rewarding landlords who sell to long-term tenants.  Those properties should be eligible for 100% capital gains relief if sold to a 3+ years sitting tenant.


Onward says the average gain per property would be £15,000, or £7,500 for both the landlord and tenant, helping those tenants to apply for a mortgage.   It estimates 88,000 households would be eligible each year, costing the Treasury around £1.32bn a year.


The Residential Landlords Association (RLA) said it welcomed the idea of lower taxation, but landlords would prefer tax relief on rent from long-term tenancies, or an SDLT refund.


The IFS said the proportion of 25-34 year olds who own a home has dropped from 55% to 35% over 2 decades.  Meanwhile, ownership for 65-74 year olds has risen to circa 80%.


The IFS said that "without increasing supply, policies to help young adults get onto the housing ladder will continue to push up house prices - and potentially rents too, which would hurt those young adults who will never be able to buy their own home”.


A spokesperson for the Ministry of Housing, Communities and Local Government (MHCLG) said 1.1 million properties were built since 2010 as the government is committed to helping FTBs onto the housing ladder (2017 saw highest number of FTBs in 10 years).

 

Rocky Stock BBC

Halifax: Fewer homes on the market in 2018 than in any year of the past decade, leaving house-hunters with relatively little choice, which means that prices have still risen.


Lucy Pendleton, Co-Founder, James Pendleton Estate Agents; "September is a month that normally sees a burst of activity as people return from holiday and go back to work. So a fall of this scale is quite a retreat [...] the back to work bounce is nowhere to be seen."


Russell Quirk, Chief Executive, Emoov; "With stock levels at their lowest in a decade, we need more on the menu to fuel the UK property market machine."

 

We hope you find this market insight informative, however, should you have any queries or recommendations on this or any of our other articles, please get in touch.


Sources & Further Reading

Article

Source

Release

Link

Halifax House Price Index

Halifax

07/11/2018

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Nationwide House Price Index

Nationwide

November 2018

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Rightmove - House Price Index

Rightmove

19/11/2018

Find out more 

HMLR - House Price Index (September 2018)

HMLR

14/11/2018

Find out more

RICS UK Residential Market Survey

RICS

08/11/2018

Find out more

Mortgage market softens following period of strong growth

UK Finance

13/11/2018

Find out more

Mortgage arrears remain at historic lows in Q3 2018

UK Finance

08/11/2018

Find out more

Money and Credit (Mortgage lending) - September 2018

Bank of England

29/10/2018

Find out more

Housing Report - September 2018

NAEA

November 2018

Find out more

UK Residential Market Update - November 2018

Knight Frank

November 2018

Find out more

Prime Central London Sales Index - October 2018

Knight Frank

November 2018

Find out more

Prime Central London Rental Index - October 2018

Knight Frank

November 2018

Find out more

The London Review - Autumn 2018

Knight Frank

November 2018

Find out more

UK Residential Investment – Yield Guide - October 2018

Knight Frank

November 2018

Find out more

UK Housing Market Update

Savills

06/11/2018

Find out more

Housing Supply Update Q3 2018

Savills

09/11/2018

Find out more

Properties 'taking longer to sell'

BBC-Business

16/11/2018

Find out more

The cost of renting in the UK in seven charts

BBC-Business

11/11/2018

Find out more

Online property adverts 'refusing' tenants on benefits

BBC-Business

08/11/2018

Find out more

House prices 'to fall' next year if no Brexit deal

BBC-Business

07/11/2018

Find out more

North-South house price divide 'to narrow'

BBC-Business

02/11/2018

Find out more

House price growth 'slowest for five years'

BBC-Business

01/11/2018

Find out more

Budget 2018: What do the housing measures mean?

BBC-Business

30/10/2018

Find out more

Home-buyers take out 10% fewer mortgages

BBC-Business

24/10/2018

Find out more 

Guildford is the inheritance tax 'capital' of the UK

BBC-Business

24/10/2018

Find out more

Where are house prices rising the fastest?

BBC-Business

17/10/2018

Find out more

Young people with deposits still cannot buy homes

BBC-Business

08/10/2018

Find out more

Where have all the 'for sale' signs gone?

BBC-Business

05/10/2018

Find out more

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Steven Goovaerts avatar

Steven Goovaerts

Steven is a Graduate Surveyor and versatile member of the team, currently undertaking an MSc in Real Estate Management at the University of the West of England and enrolled on the Assessment of Professional Competence.

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